Markets
The Dow Jones Industrial Average is primed for a seven-day winning streak as President Trump offered a “goodwill gesture” to China, suggesting potential progress in October talks. U.S. futures gained on the move, which will delay increased tariffs (25% to 30%) on $250B worth of goods by two weeks until Oct. 15.
Traders continue to watch the World Energy Congress in Abu Dhabi for headlines that could move crude prices. OPEC+ is scheduled to hold its ministerial monitoring committee meeting on the sidelines of the conference that includes Saudi Arabia’s new oil minister.
“Booming shale production has allowed the U.S. to close in on, and briefly overtake, Saudi Arabia as the world’s top oil exporter,” the IEA said in its closely-watched monthly report. It comes at a time when the U.S. is actively pursuing “energy dominance,” putting downward pressure on prices at a time when the market is already struggling to cope with too much supply. “The installation of the necessary pipelines and terminals is continuing apace, which will ensure that the trend continues.”
In Asia, Japan +0.8%. Hong Kong -0.3%. China +0.8%. India -0.5%.
In Europe, at midday, London flat. Paris -0.1%. Frankfurt +0.1%.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.6%. Crude -0.6% to $55.42. Gold +0.5% to $1511.30. Bitcoin +1% to $10154.
Ten-year Treasury Yield flat at 1.73%
(Source: Seeking Alpha) https://seekingalpha.com/
Economic Calendar
8:30Initial Jobless Claims
8:30Consumer Price Index
10:30EIA Natural Gas Inventory
1:00 PMResults of $16B, 30-Year Note Auction
2:00 PMTreasury Budget
4:30 PMMoney Supply
4:30 PMFed Balance Sheet
https://www.investing.com/economic-calendar/
*****New PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 3 …Price finally breached the 3000 level at yesterday’s closing bell and vaulted overnight to fulfill 3 Day Cycle Objectives following news on China Tariffs. We’ll use the 3000 Breakpoint as first test for support on back-test with Bulls firmly in control.
CD3 Range High = 3025.50 CD3 Range Low = 2996.00 CD3 Range Avg = 39.00
Scenario 1: IF Bulls hold bid above 3000, THEN initial upside targets 3014 – 3021 CD3 Penetration Zone.
Scenario 2: IF Bears hold offer below 3000, THEN initial downside targets 2996 – 2990 CD3 Range Low Zone.
Range Projections and Key Levels (ES) September (U) Contract
HOD ATR Range Projection: 3030.00; LOD ATR Range Projection: 2990.00; Cycle Day 1 Low: 2957.25; 3 Day Central Pivot: 2982.00; 3 Day Cycle Target: 3010.50; 10 Day Average True Range 29.31; VIX: 15.00
Nasdaq 100 (NQ)
Today is Cycle Day 3…Price has fulfilled 3 Day Cycle Target Objectives (7926) with firm bid above prior settlement (7893) which will be used as initial risk-marker.
CD3 Range High = 7946.00 CD3 Range Low = 7902.00 CD3 Range Avg = 136.00
Scenario 1: IF Bulls hold bid above 7925, THEN initial upside potential targets 7946 – 7970 CD3 Statistical Penetration Zone.
Scenario 2: IF Bears hold offer below 7925, THEN initial downside targets 7902 – 7886 CD3 Low Range Zone.
Range Projections and Key Levels (NQ) September (U) Contract
HOD ATR Range Projection: 7987.50; LOD ATR Range Projection: 7861.25; Cycle Day 1 Low: 7744.25; 3 Day Central Pivot: 7836.25; 3 Day Cycle Target: 7926.00; 10 Day Average True Range: 100.75; VIX: 15.00
Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.
Stay Focused…Non-Biased…Disciplined ALWAYS USE STOPS!
Good Trading…David
“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee
*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN